Time Warner posts higher profit

By Kenneth Li (Reuters)

NEW YORK (Reuters) - Time Warner Inc. (NYSE:TWX - news) on Wednesday said it more than doubled its planned stock buyback and reported a bigger-than-expected 80 percent jump in quarterly profit, sending its shares up nearly 2 percent.

Chief Executive Richard Parsons also confirmed the media conglomerate is in discussions with several undisclosed companies about AOL. Several sources have said Time Warner is courting Microsoft Corp. (Nasdaq:MFST - news), Google Inc. (Nasdaq:GOOG - news) and Comcast Corp. (Nasdaq:CMCSA - news) to sell off a minority stake in the online unit.

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